OCLS issues Deposit Account invoices twice a year: first in April, at the beginning of the fiscal year, and again at the mid-way point in August.
To determine an appropriate invoice amount for each college, OCLS prepares account forecast reports known as “Deposit Deposit Account Estimates. ” The colleges have a month to review and approve their Estimate before their invoice is issued. The Estimates and the invoice total amounts are rounded to a whole number.
In the event of an anticipated deficit at year end, a third and final top up invoice will be issued in February. For more information about the year-end top up invoice, please see the Deposit Account Balance Statements & Top-Up Invoices page.
FAQ
What is included in my April Estimate and invoice? Why doesn’t my invoice match the total in my Estimate?
Your first Estimate of the year will be issued in advance of the coming fiscal year (usually in mid-February) and will itemize your anticipated expenses for the coming year, from April 1st 1 through March 31st31.
Your estimated expenses for the first half of the year (April 1st 1 - August 31st31) are included in your first Deposit Account invoice, together with your closing account balance at year-end.
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What are the prices in my Estimate based on? Why don't they match the prices in CM or my monthly statement?
Several factors are taken into consideration in the development of OCLS considers several factors when developing your Estimate, including an estimated foreign exchange rate and an estimated renewal increase rate. See the notes in your Estimate report for details.
Comparatively, the “Sales Price” The Sales Price field in CM is your price in the vendor's currency, not including tax; and the prices in your monthly account statements represent the final price paid (in CAD, including tax, with nothing estimated).
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The following table explains the differences between the prices in your estimate, monthly statement and CM.
Sales Price in CM | "Total Price | " in Estimate | "Total | " in Monthly Statement | |
Currency | Vendor's currency (see "Currency" field in CM) | CAD (estimated exchange rate) | CAD (paid exchange rate) | ||
Includes HST? | No | Yes | Yes | ||
Final price? | No (the "Total price (local currency)" field does not include HST | If available, otherwise estimated (see notes in Estimate for details) | Yes |
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Do I have to stick to the plan outlined in my Estimate? What if I want to cancel a renewal or start a new subscription?You aren’t required to follow the plans set out in your Estimate. You No, you may continue to add new or cancel subscriptions or cancel subscriptions to/from your Deposit Account throughout the year.
For more information about how to cancel or renew a subscription through OCLS, please see the Renewal Quickstart Guide.
If you add a new subscription or purchase to your Deposit Account, you may end up with a deficit at year-end, in which case OCLS will issue a top up invoice. For details about year-end top up invoices, please see the Deposit Account Balance Statements & Top-Up Invoices page.
Cancellations on the other hand may lead to a surplus in your account . By default, OCLS will subtract which will be subtracted OCLS subtracts this surplus from your next biannual invoice (April or Mid-Year). To request a refund instead, please contact the eResources team.
When does my new Price Increase Guideline come into effect?
Your new Price Increase Guideline comes into effect the day after the Estimate approval deadline.
By default, we do OCLS does not go back and update the status of subscriptions that have already been set, regardless of renewal date or renewal response deadline. For more information, please see the Price Increase Guideline Program page.
FOR MORE INFORMATION
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Deposit Account Balance Statements & Top Up Invoices
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